Great Eagle Holdings Limited — M&A Activity 2001

Jan 11, 2001

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

YAOHAN INTERNATIONAL

HOLDINGS LIMITED

(Incorporated in Hong Kong with limited liability) (in liquidation)

("Tian An") (Incorporated in Bermuda with limited liability)

("Yaohan")

Financial Advisor to Tian An

JOINT ANNOUNCEMENT

This announcement is made further to the joint announcement dated 22 December 2000 of Tian An and Yaohan in connection with the letter of intent entered into between Tian An and the Liquidators and the exclusive period granted by the Liquidators to Tian An to negotiate the Possible Acquisition. Tian An and the Liquidators have agreed in writing on 10 January 2001 to extend the exclusive period from 10 January 2001 to 17 January 2001. As the Possible Acquisition may or may not proceed, shareholders and public investors are advised to exercise caution when dealing in the shares of Tian An.

Unless otherwise defined herein, terms used in this announcement shall have the same meanings as those used in the joint announcement made by Tian An and Yaohan dated 22 December 2000 ("Joint Announcement").

Reference is made to the Joint Announcement in connection with the letter of intent entered into between Tian An and the Liquidators pursuant to which Tian An was granted an exclusive right to negotiate the Possible Acquisition for a period of three weeks from 20 December 2000 until 10 January 2001. Tian An and the Liquidators have agreed in writing on 10 January 2001 to extend the exclusive period from 10 January 2001 to 17 January 2001. Further announcement will be made in respect of any material development upon this matter.

As the Possible Acquisition may or may not proceed, shareholders and public investors are advised to exercise caution when dealing in the shares of Tian An.

By Order of the Board For and on behalf of

Tian An China Investments Company Limited Yaohan International Holdings Limited

Alfred Li Yim Hung (in liquidation)

Company Secretary Gabriel C. K. Tam

Joint and Several Liquidator

Hong Kong, 10 January, 2001

The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than information regarding Yaohan) and confirm, having made all reasonable inquiries, that to the best of their knowledge, the opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

The Liquidators jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than information regarding Tian An) and confirm, having made all reasonable inquiries, that to the best of their knowledge, the opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

"Please also refer to the published version of this announcement in the Hong Kong i-mail"